The closer a residential lease in Feltham nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, more than one hundred years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. Many flat owners in Feltham will meet the qualifying criteria; nevertheless a conveyancing solicitor should be able to advise if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
The conveyancing solicitors that we work with procure Feltham lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
After lengthy correspondence with the landlord of her first floor apartment in Feltham, Bethany started the lease extension process just as the lease was nearing the all-important 80-year mark. The legal work was finalised in November 2015. The landlord’s charges were negotiated to slightly above 600 GBP.
Last year we were e-mailed by Dr Andrew Reed , who bought a basement apartment in Feltham in November 2004. We are asked if we could approximate the price would be for a 90 year extension to my lease. Comparative homes in Feltham with a long lease were valued about £173,800. The mid-range amount of ground rent was £60 billed per annum. The lease elapsed on 28 March 2081. Having 55 years outstanding we estimated the premium to the landlord for the lease extension to be between £31,400 and £36,200 not including professional charges.
An example of a Lease Extension matter before the tribunal for a Feltham property is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The remaining number of years on the lease was 82.93 years.